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Author Topic: When transferring bitcoin to hardware wallet how many private keys transfer?  (Read 142 times)
jason455
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January 23, 2020, 09:35:39 PM
Merited by LoyceV (2), vapourminer (1)
 #1

If I bought bitcoin on coinbase 3 different dates, do I have 3 different private keys? When I transfer from coinbase to hardware wallet can I transfer all bitcoin at one time or do I have to transfer the same amount for each buy on coinbase?
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January 23, 2020, 10:09:16 PM
Merited by ETFbitcoin (1)
 #2

If I bought bitcoin on coinbase 3 different dates, do I have 3 different private keys?
No, Coinbase doesn't have private keys if you bought BTC from Coinbase at different dates and times you will get all of your bitcoins in one or in total.

Sample, you bought 1 BTC yesterday and bought 1 bitcoin today so you will get 2 BTC in total and it's not separated.
(You might be talking about input and output?)



When I transfer from coinbase to hardware wallet can I transfer all bitcoin at one time or do I have to transfer the same amount for each buy on coinbase?

Yes, you can transfer all the total amount from your Coinbase wallet one time you don't need to separate them when sending it to another wallet.
If you receive it to the new wallet you'll receive it as a whole bitcoin.

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January 23, 2020, 10:34:58 PM
Merited by LoyceV (2), vapourminer (1), ETFbitcoin (1), o_e_l_e_o (1)
 #3

You may have bought BTC on Coinbase, but you technically don’t have any BTC. All you have is a number in their database saying your account X has Y BTC. When you transfer your BTC out of Coinbase exchange, they will send the amount from their wallet (which they fully control) to your specified address, which if owned by you (if you have the private keys) will mean you will now own them.

It’s like having money on your bank account VS having the money in bills stored in your safe box.

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January 24, 2020, 10:32:24 AM
 #4

Don't confuse the amount you see in your exchange to what you see in a your private wallet that you hold the keys for, like Electrum for example. You don't  need to worry about inputs/outputs with exchanges because you are not in the possession of those private keys and they will overcharge you for withdrawals anyway.

If you send your entire balance from Coinbase you will have one new input in your private wallet. The next time you send to your private wallet you will have a 2nd input. To merge those together you would need to consolidate them and thus making your Coinbase withdrawal + any other transfer you made into one new input. Like a brand new paper bill.

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January 24, 2020, 10:37:59 AM
 #5

First of all, whenever you transfer Bitcoin from your wallet, you don't transfer private keys. The private keys are used only to sign, meaning to tell the network you are indeed the owner of those coins.

And as said, at Coinbase you have only an account. No private keys or such. They handle that internally as they want. When you withdraw, no matter the amount (as long as it's not bigger than the amount your account has) they will send you from their wallets that amount.
This being said, you withdraw as it suits you best, usually all in one piece to save a bit at the withdraw costs.

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January 24, 2020, 06:58:51 PM
 #6

What you are thinking coinabse doesn't work like that. This is a custodial wallet, so whenever you will send fund to coinbase or buy bitcoin via their exchange it will transferred immediately to their hot/cold wallet. And an custodial wallet will never give you private keys access. Even you bought bitcoin unlimited times it might be spent by single transaction from your wallet. When you will request and transaction then coinbase will transfer fund from their hot/cold wallet. They might sent fund from single address or from multiple address. There will no any private key transaction. Private keys is the control of your fund (on non custodial wallet). So it's not transferable.

Just for reminder, don't share your private keys (if you have any other wallet) with anyone, if you do that then you would lose your all funds. And don't keep your fund on any custodial wallet like coinbase for longer. There is still risk lost of fund.

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January 24, 2020, 07:54:36 PM
 #7

If I bought bitcoin on coinbase 3 different dates, do I have 3 different private keys? When I transfer from coinbase to hardware wallet can I transfer all bitcoin at one time or do I have to transfer the same amount for each buy on coinbase?

When you buy bitcoin from Coinbase they store it in their own wallets, but apply the amount you purchased to your account.  Think of it like Chase bank and your cash; Chase doesn't build a safe for your cash alone, they store your cash in one big safe with all their clients' cash, but yours is attributed to your account.  Coinbase doesn't share the private keys of their wallets, so you won't have access to them in the way your thinking.

As for whether you can send all the coins you purchased all at once, that depends on how you purchased the coins.  If you buy bitcoin by using your bank account (EFT) they might hold the coins for up to 5 days, until the EFT clears.  If you use a credit or debit card that bitcoin may be available immediately.  If there's a hold on any of the purchases you made, you can wait until the last one is released, then send all the coins in one transaction.

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February 04, 2020, 09:44:54 AM
 #8

It might be easier to understand if you think of your Coinbase account as a bucket. When you buy coins, they are tipped into the bucket, and get mixed up with the stuff that is already there. As has been mentioned, Coinbase owns the bucket, not you. When you withdraw into you own wallet, then coinbase fills a bottle with water ( if that is the unit), and that bottle is sent to you. When you receive the bottle, then the coins in it belong to you.

Note that the water in the bottle you receive may have come from someone else's bucket, and not yours. But this doesn't matter, because all water has the same value in this example.

Sorry to jump between water and Bitcoin, but I'm still on my first coffee. Smiley
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February 04, 2020, 10:24:21 AM
 #9

private keys are never transferred. they remain private hence the name.
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